Stocks up but pound flags against dollar strength

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US technology stocks rallied after well-received results from CoreWeave and ahead of Anthropic’s IPO.

Stocks in London ended in positive territory as technology shares rallied, while the dollar continued to make progress after strong US inflation figures.

The FTSE 100 index closed up 83.88 points, 0.8%, at 10,835.47. The FTSE 250 ended 178.39 points higher, 0.7%, at 24,925.04, and the AIM all-share added 4.75 points, 0.6%, at 764.29.

In Europe, the CAC 40 in Paris rose 0.7%, while the DAX 40 in Frankfurt climbed 1.2%.

In the US, equity markets were higher across the board. Around the time of the London equities close on Wednesday, the Dow Jones Industrial Average was up 0.1%, the S&P 500 was 1.2% higher, while the Nasdaq Composite jumped 1.9%.

US technology stocks rallied after well-received results from CoreWeave and ahead of Anthropic’s initial public offering which is likely next week.

Shares in neo-cloud CoreWeave leapt 24% after it reported results ahead of guidance, raised its outlook and looked to assuage financing concerns when it delivered third quarter results after the US equity market close on Tuesday.

“We feel confident in our ability to fund our business for growth even in the current macroeconomic conditions,” chief financial officer Nitin Agrawal told analysts on the earnings call following the earnings.

David Morrison, analyst at Trade Nation, said the news provided “welcome relief for AI-adjacent companies, and investors, amid a difficult period”.

Chip makers Nvidia, Advanced Micro Devices and Intel were all in demand, up 4.5%, 7.1% and 8.5% respectively, while computer memory and data storage firm Micron Technology leapt 12%.

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